Bitcoin Climbs Above $64,000 as Trump's Pro-Crypto Remarks Offset Corporate Sale

Bitcoin's price reversed earlier losses to trade above $64,000 on Monday, buoyed by supportive comments from President Donald Trump that helped counter negative sentiment from a major corporate asset sale. The leading cryptocurrency was last trading at $64,183.5, a gain of 1.7%, according to Investing.com data.

Dueling Market Catalysts

Selling pressure emerged early in the session after a regulatory filing revealed that the company Strategy had sold a significant portion of its bitcoin holdings. However, the market mood shifted following positive remarks from President Trump.

During an event launching a government investment initiative, Trump told reporters he has "become a big crypto guy" and is "very much for" the asset class. These comments provided a bullish catalyst that appeared to overshadow the earlier news of corporate selling.

Strategy Sells $216 Million in Bitcoin

According to a regulatory filing, Strategy disclosed multiple sales of bitcoin last week, marking the second time this year the firm has liquidated parts of its holdings. The company reported:

• A total of 3,588 bitcoin were sold for proceeds of $216 million.
• The sales occurred in two tranches: 1,363 BTC at an average price of $59,256 and 2,225 BTC at an average of $60,773.
• The filing stated the proceeds were used for preferred stock distributions and to replenish its cash reserves.

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Strategy also reported a loss of $8.32 billion on its digital assets for the quarter ending June 30.

Broader Market Context

Bitcoin's advance on Monday builds on a roughly 5% gain from the previous week. That rally was spurred by a softer-than-expected U.S. jobs report, which eased investor fears of aggressive Federal Reserve interest rate hikes. Higher interest rate environments typically reduce the appeal of speculative assets like cryptocurrencies.

Investors are now looking ahead to the release of minutes from the Fed's June meeting on Wednesday for further cues on monetary policy. Meanwhile, data on spot bitcoin ETFs showed eight consecutive weeks of outflows, though last week registered the first net inflow since mid-June, suggesting selling pressure may be abating.

In the wider crypto market, most major altcoins tracked Bitcoin's gains. Ethereum, the second-largest cryptocurrency, rose 1.5% to $1,812.81, while XRP added 0.5%. Solana also ticked up 0.9%, though Cardano shed 2.5%.